Here we will provide details about DoubtNut as the public searches about it online. The public goes online to learn more about DoubtNut and not just want to know details related to the latest news. Therefore, we have brought information about DoubtNut for our readers in this article. Not only that we will also provide the details of his latest news as the public searches about it online. So, keep reading the articles to know more.
Allen is ready to take on edtech
Slavna Kota Three sources familiar with the development said Allen Career Institute has acquired DoubtNut, an ed-tech startup that removes doubts. For the coaching institute, this will be the first acquisition in the Indian ed-tech market. One of the individuals, who spoke on condition of anonymity, said: “Allen is buying Doubtnut in a stock-and-cash deal, and it appears to be a tough sell as the Peak XV-backed company has failed to gain a significant following after its series funding B.” Allen received a $600 million investment in May 2022 from Bodhi Tree Systems, a joint venture between James Murdoch, founder and CEO of Lupa Systems, and Uday Shankar, former chairman of The Walt Disney Company Asia Pacific.
It is important to note that Lupa Systems has already invested in Harappa Education and Doubtnut, two Indian technology companies. The investing company also has shares in VerSe Innovation, the parent company of DailyHunt. Previously, internet giant Byju and Doubtnut were in acquisition talks and raised a total of around $50 million in fundraising. However, disagreements over valuation prevented the deal from closing. According to sources, the deal would involve a small amount of cash, but mostly shares.
According to an additional insider, “the company has been looking at consolidation opportunities for the past few quarters due to an inability to find a business model and a lack of monetization.” In April of this year, the company raised $2.5 million through convertible bonds from its current backers, following its last equity round in February 2021. According to individuals close to Entrackr, DoubtNut has also been in acquisition talks with several other companies. Tanushree Nagori, the company’s co-founder, refuted this in an April interview with Entrackr. Nagori, Allen and Peak XV did not immediately respond to requests for comment. In FY22, Doubtnut earned Rs 10 crore while spending Rs 194 crore.
Categories: Trends
Source: HIS Education